look news india
Paytm UPI Business: Troubled fintech company Paytm has finally found its new partner before the March 15 deadline. Paytm's parent company One97 Communications has joined hands with the country's largest bank State Bank of India (SBI).
RBI had imposed ban
Till now, Paytm's UPI business was dependent on its subsidiary Paytm Payments Bank. Paytm was looking for a partner bank after the Reserve Bank of India (RBI) imposed business restrictions on the payments bank. Now Paytm will be able to become a Third Party App Provider (TPAP) in collaboration with SBI.
OCL hands over nodal account to Axis Bank
According to the report, earlier Paytm had joined hands with Axis Bank, Yes Bank and HDFC Bank for TPAP partnership. In the report released a day ago, these banks were said to be at the forefront of the race for tie-up with Paytm. Last month, One 97 Communications (OCL) handed over its nodal or escrow account to Axis Bank. The company also gave this information to BSE. With this, merchants accepting digital payments through Paytm will be able to operate even after the March 15 deadline.
Paytm will get license by March 15
It is expected that National Payments Corporation of India (NPCI) will also grant TPAP license to Paytm by March 15. After getting this license, customers can easily use Paytm UPI. Paytm Payments Bank will have to close its operations after March 15.